If you pick up that place for 600k less, you better invite me over for your pool party. 🙂
I’ll tell you I just don’t see that place going for any less that 1.1 mil, what the guy paid for it. I see them paying til it hurts to keep it going. Hopefully they have a good realtor who will go out there and market and push to sell.
I don’t see the bank taking it back. Maybe they’ll rent it out. I don’t know what options are available. I don’t see them going down or walking away. That would be a hell of a mark on your credit for quite a while.
If you have the kind of pull to get a million dollar house, then why would you take that risk. Of course, I don’t know the details, if they put money down, if it’s the last of the ARMs.
It will be great to follow this and see what happens for sure. I think they bit off more than they can chew, but you never know. They were foolish enough to buy thinking they’ve got a deal. Maybe there’s another person out there thinking it’s a good time to buy and they stopped making land and everyone wants to live here and we’ve hit bottom and even though the media is putting out all this bad news, next year prices are going to go up, up and away.
If someone buys that place for 1.3+, I want to talk to them about this great bridge I’m trying to sell.
